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    ADTRAN Holdings, Inc. Reports Preliminary Third Quarter 2024 Financial Results

    11/7/24 1:02:00 AM ET
    $ADTN
    Telecommunications Equipment
    Utilities
    Get the next $ADTN alert in real time by email

    ADTRAN Holdings, Inc. (NASDAQ:ADTN) ("ADTRAN Holdings" or the "Company") today announced its preliminary unaudited financial results for the third quarter of 2024.

    • Revenue: $227.7 million, up sequentially and above the mid-point of guidance.
    • Gross margin: GAAP gross margin: 37.4%; Non-GAAP gross margin: 42.1%, a sequential increase of 134 and 17 basis points, respectively.
    • Operating margin: GAAP operating margin negative 10.5% up sequentially; Non-GAAP operating margin positive 1.1%, up sequentially and above the mid-point of guidance.
    • GAAP diluted loss per share of $0.36; Non-GAAP diluted loss per share $0.05.

    ADTRAN Holdings' Chairman and Chief Executive Officer Tom Stanton stated, "We delivered higher sequential revenue and expanded gross and operating margins in the third quarter. Importantly, we are seeing improvements in our key end markets as we continue to grow our customer base. With the gradual recovery in service provider spending, the success we are having in customer acquisition, and encouraging booking trends, we expect sequential revenue growth to continue in the fourth quarter. This outlook, coupled with improving visibility, gives us confidence our end-markets should continue to improve."

    "ADTRAN remains well-positioned for sustainable and profitable growth as customer inventory levels normalize," added Mr. Stanton. "The continued trend to increase fiber access and optical transport, combined with the ongoing transition from higher risk vendors to providers like ADTRAN, serve as durable secular catalysts. As we grow, we are confident we can unlock meaningful operational leverage, driving accelerated profitability and increased cash generation."

    Business Outlook1

    For the fourth quarter of 2024, the Company expects revenue to be within a range of $230 million to $245 million. Non-GAAP operating margin is expected to be within a range of 0% to 4%.

    1GAAP earnings guidance is not provided. Please see the Explanation of Use of Non-GAAP Financial Measures at the end of this press release for an explanation regarding the Company's omission of both GAAP earnings guidance and the applicable reconciliation table. In addition, please see the Explanation of Use of Non-GAAP Financial Measures and the Supplemental Information Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures at the end of this press release for detailed information on calculating the non-GAAP measures referenced herein.

    The Company will hold a conference call to discuss its preliminary third quarter results on Thursday, November 07, 2024, at 9:30 a.m. Central Time, or 4:30 p.m. Central European Time. The Company will webcast this conference call. To listen, simply visit our Investor Relations site at investors.adtran.com approximately 10 minutes prior to the start of the call, click on the event "ADTRAN Holdings Releases 3rd Quarter 2024 Financial Results and Earnings Call", and click on the webcast link.

    An online replay of the Company's conference call, as well as the transcript of the Company's conference call, will be available on the Investor Relations site approximately 24 hours following the call and will remain available for at least 12 months. For more information, visit investors.adtran.com or email [email protected].

    About Adtran

    ADTRAN Holdings, Inc. (NASDAQ:ADTN) is the parent company of Adtran, Inc., a leading global provider of open, disaggregated networking and communications solutions that enable voice, data, video and internet communications across any network infrastructure. From the cloud edge to the subscriber edge, Adtran empowers communications service providers around the world to manage and scale services that connect people, places and things. Adtran solutions are used by service providers, private enterprises, government organizations and millions of individual users worldwide. ADTRAN Holdings, Inc. is also the largest shareholder of Adtran Networks SE, formerly ADVA Optical Networking SE. Find more at Adtran, LinkedIn and Twitter.

    Cautionary Note Regarding Forward-Looking Statements

    Statements contained in this press release and the accompanying earnings call which are not historical facts, such as those relating to expectations regarding future revenue and future non-GAAP operating margin; future service provider spending; future profitability, and growth, including customer acquisition and booking trends, as well as future end market growth; future market trends and customer inventory levels; future operational leverage and cash generation; and ADTRAN Holdings' strategy and outlook, outlook and financial guidance, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can also generally be identified by the use of words such as "believe," "expect," "intend," "estimate," "anticipate," "will," "may," "could" and similar expressions. In addition, ADTRAN Holdings, through its senior management, may from time to time make forward-looking public statements concerning the matters described herein. All such projections and other forward-looking information speak only as of the date hereof, and ADTRAN Holdings undertakes no duty to publicly update or revise such forward-looking information, whether as a result of new information, future events, or otherwise, except to the extent as may be required by law. All such forward-looking statements are necessarily estimates and reflect management's best judgment based upon current information. Actual events or results may differ materially from those anticipated in these forward-looking statements as a result of a variety of factors. While it is impossible to identify all such factors, factors which have caused and may in the future cause actual events or results to differ materially from those estimated by ADTRAN Holdings include, but are not limited to: (i) risks and uncertainties relating to ADTRAN Holdings' ability to continue to reduce expenditures and the impact of such reductions on its financial results and financial condition; (ii) the risk of fluctuations in revenue due to lengthy sales and approval processes required by major and other service providers for new products, as well as ongoing tighter inventory management of ADTRAN Holdings' customers; (iii) risks and uncertainties relating to ongoing material weaknesses in our internal control over financial reporting; (iv) risks and uncertainties relating to our ability to comply with the covenants set forth in our credit facility and to satisfy our payment obligations to Adtran Networks' minority shareholders under the Domination and Profit and Loss Transfer Agreement between us and Adtran Networks; (v) risks posed by potential breaches of information systems and cyber-attacks; (vi) the risk that ADTRAN Holdings may not be able to effectively compete, including through product improvements and development; and (vii) other risks set forth in ADTRAN Holdings' public filings made with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K for the year ended December 31, 2023, its Quarterly Report on Form 10-Q for the second quarter ended June 30, 2024, and risks to be disclosed in its Form 10-Q for the quarterly period ended September 30, 2024 to be filed with the SEC.

    Additionally, the financial measures presented herein are preliminary estimates, remain subject to our internal controls and procedures, and are subject to risks and uncertainties, including, among others, changes in connection with quarter-end adjustments. Any variation between the Company's actual results and the preliminary financial information set forth herein may be material.

    Explanation of Use of Non-GAAP Financial Measures

    Set forth in the tables below are reconciliations of gross profit, gross margin, operating expenses, operating loss, other (expense) income, net loss inclusive of the non-controlling interest, net loss attributable to the Company, net income attributable to the non-controlling interest, and loss per share - basic and diluted, attributable to the Company, and net cash provided by (used in) operating activities, in each case as reported based on generally accepted accounting principles in the United States ("GAAP"), to non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income (loss), non-GAAP other expense, non-GAAP net loss inclusive of the non-controlling interest, non-GAAP net loss attributable to the Company, non-GAAP net income attributable to the non-controlling interest, non-GAAP loss per share - basic and diluted, attributable to the Company, respectively, and non-GAAP free cash flow. Such non-GAAP measures exclude acquisition-related expenses, amortization and adjustments (consisting of intangible amortization of backlog, developed technology, customer relationships, and trade names acquired in connection with business combinations and amortization of inventory fair value adjustments as well as legal and advisory fees related to a potential significant transaction), stock-based compensation expense, amortization of pension actuarial losses, deferred compensation adjustments, integration expenses, restructuring expenses, goodwill impairments, the tax effect of these adjustments to net loss and purchases of property, plant and equipment. These measures are used by management in our ongoing planning and annual budgeting processes. Additionally, we believe the presentation of these non-GAAP measures, when combined with the presentation of the most directly comparable GAAP financial measure, is beneficial to the overall understanding of ongoing operating performance of the Company.

    1Non-GAAP operating margin (which is calculated as non-GAAP operating loss divided by revenue) is a non-GAAP financial measure. The Company has provided fourth quarter guidance with regard to non-GAAP operating margin. This measure excludes from the corresponding GAAP financial measure the effect of adjustments as described below. The Company has not provided a reconciliation of such non-GAAP guidance to guidance presented on a GAAP basis because it cannot predict and quantify without unreasonable effort all of the adjustments that may occur during the period due to the difficulty of predicting the timing and amounts of various items within a reasonable range. In particular, non-GAAP operating margin excludes certain items, including continued restructuring expenses, that will continue to evolve as our business efficiency program is implemented that the Company is unable to quantitatively predict. Depending on the materiality of these items, they could have a significant impact on the Company's GAAP financial results.

    These non-GAAP financial measures are not prepared in accordance with, or an alternative for, GAAP and therefore should not be considered in isolation or as a substitution for analysis of our results as reported under GAAP. Additionally, our calculation of non-GAAP measures may not be comparable to similar measures calculated by other companies..

    Published by

    ADTRAN Holdings, Inc.

    www.adtran.com

    Condensed Consolidated Balance Sheets

    (Preliminary, Unaudited)

    (In thousands)

     

     

    September 30,

     

    December 31,

     

    2024

     

    2023

    Assets

     

     

     

     

     

    Current Assets

     

     

     

     

     

    Cash and cash equivalents

    $

    88,456

     

     

    $

    87,167

     

    Accounts receivable, net

     

    172,025

     

     

     

    216,445

     

    Other receivables

     

    12,871

     

     

     

    17,450

     

    Income tax receivable

     

    13,466

     

     

     

    7,933

     

    Inventory, net

     

    282,926

     

     

     

    362,295

     

    Prepaid expenses and other current assets

     

    69,112

     

     

     

    45,566

     

    Total Current Assets

     

    638,856

     

     

     

    736,856

     

    Property, plant and equipment, net

     

    147,428

     

     

     

    123,020

     

    Deferred tax assets

     

    25,697

     

     

     

    25,787

     

    Goodwill

     

    56,884

     

     

     

    353,415

     

    Intangibles, net

     

    286,098

     

     

     

    327,985

     

    Other non-current assets

     

    86,677

     

     

     

    87,706

     

    Long-term investments

     

    31,506

     

     

     

    27,743

     

    Total Assets

    $

    1,273,146

     

     

    $

    1,682,512

     

     

     

     

     

     

     

    Liabilities, Redeemable Non-Controlling Interest and Equity

     

     

     

     

     

    Current Liabilities

     

     

     

     

     

    Accounts payable

    $

    173,354

     

     

    $

    162,922

     

    Unearned revenue

     

    54,615

     

     

     

    46,731

     

    Accrued expenses and other liabilities

     

    34,482

     

     

     

    36,204

     

    Accrued wages and benefits

     

    40,366

     

     

     

    27,030

     

    Income tax payable, net

     

    2,007

     

     

     

    5,221

     

    Total Current Liabilities

     

    304,824

     

     

     

    278,108

     

    Non-current revolving credit agreement outstanding

     

    189,849

     

     

     

    195,000

     

    Deferred tax liabilities

     

    21,483

     

     

     

    35,655

     

    Non-current unearned revenue

     

    24,901

     

     

     

    25,109

     

    Non-current pension liability

     

    12,149

     

     

     

    12,543

     

    Deferred compensation liability

     

    32,046

     

     

     

    29,039

     

    Non-current lease obligations

     

    25,635

     

     

     

    31,420

     

    Other non-current liabilities

     

    26,489

     

     

     

    28,657

     

    Total Liabilities

     

    637,376

     

     

     

    635,531

     

    Redeemable Non-Controlling Interest

     

    421,776

     

     

     

    442,152

     

    Equity

     

     

     

     

     

    Common stock

     

    792

     

     

     

    790

     

    Additional paid-in capital

     

    806,187

     

     

     

    795,304

     

    Accumulated other comprehensive income

     

    47,377

     

     

     

    47,465

     

    Retained deficit

     

    (635,164

    )

     

     

    (232,905

    )

    Treasury stock

     

    (5,198

    )

     

     

    (5,825

    )

    Total Equity

     

    213,994

     

     

     

    604,829

     

    Total Liabilities, Redeemable Non-Controlling Interest and Equity

    $

    1,273,146

     

     

    $

    1,682,512

     

    Condensed Consolidated Statements of Loss

    (Preliminary, Unaudited)

    (In thousands, except per share amounts)

     

     

     

    Three Months Ended

     

    Nine Months Ended

     

     

     

    September 30,

     

    September 30,

     

     

    2024

     

    2023

     

    2024

     

     

    2023

    Revenue

     

     

     

     

     

     

     

     

     

     

     

     

    Network Solutions

     

    $

    181,488

     

     

    $

    228,564

     

     

    $

    541,955

     

     

    $

    793,984

     

    Services & Support

     

     

    46,216

     

     

     

    43,767

     

     

     

    137,913

     

     

     

    129,637

     

    Total Revenue

     

     

    227,704

     

     

     

    272,331

     

     

     

    679,868

     

     

     

    923,621

     

    Cost of Revenue

     

     

     

     

     

     

     

     

     

     

     

     

    Network Solutions

     

     

    126,103

     

     

     

    160,244

     

     

     

    376,886

     

     

     

    596,334

     

    Network Solutions - other (credits), charges and inventory write-down

     

     

    (328

    )

     

     

    21,043

     

     

     

    8,597

     

     

     

    21,043

     

    Services & Support

     

     

    16,678

     

     

     

    16,807

     

     

     

    55,304

     

     

     

    51,646

     

    Total Cost of Revenue

     

     

    142,453

     

     

     

    198,094

     

     

     

    440,787

     

     

     

    669,023

     

    Gross Profit

     

     

    85,251

     

     

     

    74,237

     

     

     

    239,081

     

     

     

    254,598

     

    Selling, general and administrative expenses

     

     

    57,620

     

     

     

    62,907

     

     

     

    176,214

     

     

     

    196,887

     

    Research and development expenses

     

     

    51,615

     

     

     

    62,752

     

     

     

    172,253

     

     

     

    203,493

     

    Goodwill impairment

     

     

    —

     

     

     

    37,874

     

     

     

    292,583

     

     

     

    37,874

     

    Operating Loss

     

     

    (23,984

    )

     

     

    (89,296

    )

     

     

    (401,969

    )

     

     

    (183,656

    )

    Interest and dividend income

     

     

    664

     

     

     

    521

     

     

     

    1,427

     

     

     

    1,183

     

    Interest expense

     

     

    (5,679

    )

     

     

    (4,507

    )

     

     

    (17,183

    )

     

     

    (11,858

    )

    Net investment gain (loss)

     

     

    1,382

     

     

     

    (1,443

    )

     

     

    4,507

     

     

     

    1,071

     

    Other (expense) income, net

     

     

    (850

    )

     

     

    2,523

     

     

     

    (441

    )

     

     

    4,714

     

    Loss Before Income Taxes

     

     

    (28,467

    )

     

     

    (92,202

    )

     

     

    (413,659

    )

     

     

    (188,546

    )

    Income tax (expense) benefit

     

     

    (390

    )

     

     

    16,553

     

     

     

    16,121

     

     

     

    36,229

     

    Net Loss

     

    $

    (28,857

    )

     

    $

    (75,649

    )

     

    $

    (397,538

    )

     

    $

    (152,317

    )

    Less: Net (Loss) Income attributable to non-controlling interest

     

     

    2,382

     

     

     

    2,561

     

     

     

    7,417

     

     

     

    4,380

     

    Net Loss attributable to ADTRAN Holdings, Inc.

     

    $

    (31,239

    )

     

    $

    (78,210

    )

     

    $

    (404,955

    )

     

    $

    (156,697

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted average shares outstanding – basic

     

     

    78,952

     

     

     

    78,389

     

     

     

    78,873

     

     

     

    78,378

     

    Weighted average shares outstanding – diluted

     

     

    78,952

     

     

     

    78,389

     

     

     

    78,873

     

     

     

    78,378

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Loss per common share attributable to ADTRAN Holdings, Inc. – basic

     

    $

    (0.36

    )

    (1)

    $

    (1.00

    )

     

    $

    (5.10

    )

    (1)

    $

    (2.00

    )

    Loss per common share attributable to ADTRAN Holdings, Inc. – diluted

     

    $

    (0.36

    )

    (1)

    $

    (1.00

    )

     

    $

    (5.10

    )

    (1)

    $

    (2.00

    )

    (1) Loss per common share attributable to ADTRAN Holdings, Inc. reflects $3.0 million gain on redemption of redeemable non-controlling interest for the three and nine months ended September 30, 2024.

    Condensed Consolidated Statements of Cash Flows

    (Preliminary, Unaudited)

    (In thousands)

     

     

     

    Nine Months Ended

     

     

    September 30,

     

     

    2024

     

    2023

    Cash flows from operating activities:

     

     

     

     

     

     

    Net loss

     

    $

    (397,538

    )

     

    $

    (152,317

    )

    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

     

     

     

     

     

     

    Depreciation and amortization

     

     

    68,421

     

     

     

    91,422

     

    Goodwill impairment

     

     

    292,583

     

     

     

    37,874

     

    Amortization of debt issuance cost

     

     

    1,013

     

     

     

    607

     

    Gain on investments, net

     

     

    (4,238

    )

     

     

    (3,316

    )

    Net loss on disposal of property, plant and equipment

     

     

    203

     

     

     

    —

     

    Stock-based compensation expense

     

     

    11,417

     

     

     

    12,229

     

    Deferred income taxes

     

     

    (13,399

    )

     

     

    (45,941

    )

    Other, net

     

     

    (267

    )

     

     

    204

     

    Inventory write down - business efficiency program

     

     

    4,135

     

     

     

    21,043

     

    Inventory reserves

     

     

    6,667

     

     

     

    29,836

     

    Changes in operating assets and liabilities:

     

     

     

     

     

     

    Accounts receivable, net

     

     

    59,446

     

     

     

    47,347

     

    Other receivables

     

     

    4,875

     

     

     

    8,340

     

    Income taxes receivable, net

     

     

    (5,682

    )

     

     

    —

     

    Inventory

     

     

    69,412

     

     

     

    536

     

    Prepaid expenses, other current assets and other assets

     

     

    (20,083

    )

     

     

    1,816

     

    Accounts payable

     

     

    9,697

     

     

     

    (87,903

    )

    Accrued expenses and other liabilities

     

     

    15,039

     

     

     

    6,476

     

    Income taxes payable, net

     

     

    (3,175

    )

     

     

    2,433

     

    Net cash provided by (used in) operating activities

     

     

    98,526

     

     

     

    (29,314

    )

     

     

     

     

     

     

     

    Cash flows from investing activities:

     

     

     

     

     

     

    Purchases of property, plant and equipment

     

     

    (48,183

    )

     

     

    (33,674

    )

    Proceeds from sales and maturities of available-for-sale investments

     

     

    1,195

     

     

     

    10,545

     

    Purchases of available-for-sale investments

     

     

    (195

    )

     

     

    (807

    )

    Proceeds from beneficial interests in securitized accounts receivable

     

     

    282

     

     

     

    1,178

     

    Net cash used in investing activities

     

     

    (46,901

    )

     

     

    (22,758

    )

     

     

     

     

     

     

     

    Cash flows from financing activities:

     

     

     

     

     

     

    Tax withholdings related to stock-based compensation settlements

     

     

    (189

    )

     

     

    (6,331

    )

    Proceeds from stock option exercises

     

     

    219

     

     

     

    187

     

    Dividend payments

     

     

    —

     

     

     

    (21,237

    )

    Proceeds from receivables purchase agreement

     

     

    68,556

     

     

     

    —

     

    Repayments on receivables purchase agreement

     

     

    (83,772

    )

     

     

    —

     

    Proceeds from draw on revolving credit agreements

     

     

    —

     

     

     

    163,760

     

    Repayment of revolving credit agreements

     

     

    (5,000

    )

     

     

    (49,233

    )

    Payment for redemption of redeemable non-controlling interest

     

     

    (17,395

    )

     

     

    (1,196

    )

    Payment for annual recurring compensation to non-controlling interest

     

     

    (10,084

    )

     

     

    —

     

    Payment of debt issuance cost

     

     

    (1,994

    )

     

     

    (708

    )

    Repayment of notes payable

     

     

    —

     

     

     

    (24,931

    )

    Net cash (used in) provided by financing activities

     

     

    (49,659

    )

     

     

    60,311

     

     

     

     

     

     

     

     

    Net increase in cash and cash equivalents

     

     

    1,966

     

     

     

    8,239

     

    Effect of exchange rate changes

     

     

    (677

    )

     

     

    (791

    )

    Cash and cash equivalents, beginning of period

     

     

    87,167

     

     

     

    108,644

     

    Cash and cash equivalents, end of period

     

    $

    88,456

     

     

    $

    116,092

     

     

     

     

     

     

     

     

    Supplemental disclosure of cash financing activities:

     

     

     

     

     

     

    Cash paid for interest

     

    $

    18,225

     

     

    $

    8,540

     

    Cash paid for income taxes

     

    $

    9,122

     

     

    $

    —

     

    Cash used in operating activities related to operating leases

     

    $

    7,380

     

     

    $

    7,378

     

    Supplemental disclosure of non-cash investing activities:

     

     

     

     

     

     

    Right-of-use assets obtained in exchange for lease obligations

     

    $

    2,122

     

     

    $

    8,490

     

    Purchases of property, plant and equipment included in accounts payable

     

    $

    952

     

     

    $

    2,508

     

    Revision of Previously Issued Condensed Consolidated Financial Statements

    Following the third quarter of 2024, the Company identified errors primarily impacting the carrying values of the redeemable non-controlling interest, retained deficit, the net income attributable to the non-controlling interest and the net loss attributable to the Company and, as a consequence, of the loss per common share attributable to the Company. The Company has evaluated the errors and determined that the related impacts were not material to the previously issued consolidated financial statements for any prior period. A summary of the corrections to the Company's Condensed Consolidated Financial Statements for the periods ended March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024, is as follows:

    1. Pursuant to the terms of the DPLTA, each Adtran Networks shareholder (other than the Company) is entitled to receive from us an Annual Recurring Compensation payment of €0.52 per share. The Company erroneously accrued this liability every quarter at €0.59 per share, overstating the associated accrual, the net income attributable to non-controlling interest and the net loss attributable to ADTRAN Holdings, Inc. for fiscal periods beginning with the quarter ended March 31, 2023 through the quarter ended June 30, 2024.
    2. For the periods beginning with the quarter ended March 31, 2023 through the quarter ended June 30, 2024 the Company remeasured the redeemable non-controlling interest each quarter-end at the current exchange rate of Euros to U.S. Dollar. The Company treated the redeemable non-controlling interest as a monetary mezzanine equity instrument but should have treated it as a non-monetary mezzanine equity instrument not subject to remeasurement.

    For additional information, please see our Note 1 to the Condensed Consolidated Financial Statements set forth in the Form 10-Q for the quarterly period ended September 30, 2024 to be filed with the SEC.

    Supplemental Information

    Reconciliation of Preliminary Gross Profit and Preliminary Gross Margin to

    Preliminary Non-GAAP Gross Profit and Preliminary Non-GAAP Gross Margin

    (Preliminary, Unaudited)

    (In thousands)

     

     

     

    Three Months Ended

     

     

    Nine Months Ended

     

     

    September 30,

    2024

     

    June 30,

    2024

     

    September 30,

    2023

     

     

    September 30,

    2024

     

    September 30,

    2023

    Total Revenue

     

    $

    227,704

     

     

    $

    225,991

     

     

    $

    272,331

     

     

     

    $

    679,868

     

     

    $

    923,621

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cost of Revenue

     

    $

    142,453

     

     

    $

    144,416

     

     

    $

    198,094

     

     

     

    $

    440,787

     

     

    $

    669,023

     

    Acquisition-related expenses, amortizations and adjustments(1)

     

     

    (10,276

    )

     

     

    (10,064

    )

     

     

    (13,537

    )

     

     

     

    (30,517

    )

     

     

    (79,554

    )

    Stock-based compensation expense

     

     

    (270

    )

     

     

    (280

    )

     

     

    (279

    )

     

     

     

    (825

    )

     

     

    (854

    )

    Restructuring expenses(2)

     

     

    (7

    )

     

     

    (2,788

    )

     

     

    (21,630

    )

     

     

     

    (14,042

    )

     

     

    (21,706

    )

    Integration expenses(3)

     

     

    (34

    )

     

     

    (35

    )

     

     

    (154

    )

     

     

     

    (104

    )

     

     

    (154

    )

    Non-GAAP Cost of Revenue

     

    $

    131,866

     

     

    $

    131,249

     

     

    $

    162,494

     

     

     

    $

    395,299

     

     

    $

    566,755

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Gross Profit

     

    $

    85,251

     

     

    $

    81,575

     

     

    $

    74,237

     

     

     

    $

    239,081

     

     

    $

    254,598

     

    Non-GAAP Gross Profit

     

    $

    95,838

     

     

    $

    94,742

     

     

    $

    109,837

     

     

     

    $

    284,569

     

     

    $

    356,866

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Gross Margin

     

     

    37.4

    %

     

     

    36.1

    %

     

     

    27.3

    %

     

     

     

    35.2

    %

     

     

    27.6

    %

    Non-GAAP Gross Margin

     

     

    42.1

    %

     

     

    41.9

    %

     

     

    40.3

    %

     

     

     

    41.9

    %

     

     

    38.6

    %

    (1) Includes intangible amortization of backlog, inventory fair value adjustments, developed technology, customer relationships, and trade names acquired in connection with business combinations.

    (2) Includes expenses for restructuring program designed to optimize the assets and business processes following the business combination with Adtran Networks. These expenses include inventory write down and other charges of $8.6 million for the nine months ended September 30, 2024, incurred as a result of a strategy shift which included discontinuance of certain product lines in connection with the Business Efficiency Program. The restructuring program commenced upon the closing of the business combination with Adtran Networks and is expected to be substantially completed in late 2024. Additionally, as part of the Business Efficiency Program, management determined to close a facility in Greifswald, Germany. These expenses include restructuring wage charges of $4.9 million for the nine months ended September 30, 2024. The closure of the facility is expected to be completed by December 31, 2024.

    (3) Includes expenses related to the Company's one-time integration bonus program in connection with synergy targets as a result of the business combination with Adtran Networks.

    Supplemental Information

    Reconciliation of Preliminary Operating Expenses to Preliminary Non-GAAP Operating Expenses

    (Unaudited)

    (In thousands)

     

     

     

    Three Months Ended

     

     

    Nine Months Ended

     

     

     

    September 30,

     

    June 30,

     

    September 30,

     

     

    September 30,

     

    September 30,

     

     

     

    2024

     

    2024

     

    2023

     

     

    2024

     

    2023

     

    Operating Expenses

     

    $

    109,235

     

     

    $

    119,881

     

     

    $

    163,533

     

     

     

    $

    641,050

     

     

    $

    438,254

     

     

    Acquisition-related expenses, amortizations and adjustments

     

     

    (5,054

    )

    (1)

     

    (7,233

    )

    (6)

     

    (4,534

    )

    (10)

     

     

    (17,168

    )

    (14)

     

    (13,516

    )

    (19)

    Stock-based compensation expense

     

     

    (3,126

    )

    (2)

     

    (3,321

    )

    (7)

     

    (3,251

    )

    (11)

     

     

    (9,894

    )

    (15)

     

    (10,683

    )

    (20)

    Restructuring expenses

     

     

    (5,930

    )

    (3)

     

    (14,742

    )

    (8)

     

    (3,242

    )

    (12)

     

     

    (26,534

    )

    (16)

     

    (11,471

    )

    (21)

    Integration expenses

     

     

    (333

    )

    (4)

     

    (531

    )

    (9)

     

    (1,485

    )

    (13)

     

     

    (1,344

    )

    (17)

     

    (2,897

    )

    (22)

    Deferred compensation adjustments(5)

     

     

    (1,471

    )

     

     

    (848

    )

     

     

    1,801

     

     

     

     

    (4,259

    )

     

     

    1,714

     

     

    Goodwill impairment(18)

     

     

    —

     

     

     

    —

     

     

     

    (37,874

    )

     

     

     

    (292,583

    )

     

     

    (37,874

    )

     

    Non-GAAP Operating Expenses

     

    $

    93,321

     

     

    $

    93,206

     

     

    $

    114,948

     

     

     

    $

    289,268

     

     

    $

    363,527

     

     

    (1) Includes $4.0M of intangible amortization of developed technology, customer relationships, and trade names acquired in connection with business combinations and $0.6 million of legal and advisory fees related to a potential strategic transaction which are both included in selling, general and administrative expenses and $0.5 million is included in research and development expenses on the condensed consolidated statements of loss.

    (2) $2.2 million is included in selling, general and administrative expenses and $0.9 million is included in research and development expenses on the condensed consolidated statements of loss.

    (3) $2.7 million is included in selling, general and administrative expenses and $3.2 million is included in research and development expenses on the condensed consolidated statements of loss. Includes expenses of $3.2 million of wage related and other charges due to the Greifswald facility closure of which $0.8 million is included in selling, general and administrative and $2.4 million is included in research and development expenses on the condensed consolidated statements of loss.

    (4) $0.3 million is included in selling, general and administrative expenses on the condensed consolidated statements of loss, and is primarily related to the Company's one-time integration bonus program in connection with synergy targets as a result of the business combination with Adtran Networks.

    (5) Includes non-cash change in fair value of equity investments held in the ADTRAN Holdings, Inc. Deferred Compensation Program for Employees, all of which is included in selling, general and administrative expenses on the condensed consolidated statement of loss.

    (6) Includes $3.9M of intangible amortization of developed technology, customer relationships, and trade names acquired in connection with business combinations and $2.8 million of legal and advisory fees related to a contemplated strategic transaction which are both included in selling, general and administrative expenses and $0.5 million is included in research and development expenses on the condensed consolidated statements of loss.

    (7) $2.4 million is included in selling, general and administrative expenses and $0.9 million is included in research and development expenses on the condensed consolidated statements of loss.

    (8) $3.5 million is included in selling, general and administrative expenses and $11.3 million is included in research and development expenses on the condensed consolidated statements of loss. Includes expenses of $13.5 million of wage related and other charges due to the Greifswald facility closure of which $2.6 million is included in selling, general and administrative and $10.9 million is included in research and development expenses on the condensed consolidated statements of loss.

    (9) $0.5 million is included in selling, general and administrative expenses on the condensed consolidated statements of loss, and is primarily related to the Company's one-time integration bonus program in connection with synergy targets as a result of the business combination with Adtran Networks.

    (10) Includes intangible amortization of developed technology, customer relationships, and trade names acquired in connection with business combinations, of which $4.0 million is included in selling, general and administrative expenses and $0.5 million is included in research and development expenses on the condensed consolidated statements of loss.

    (11) $2.4 million is included in selling, general and administrative expenses and $0.8 million is included in research and development expenses on the condensed consolidated statements of loss.

    (12) $3.4 million is included in selling, general and administrative expenses and $(0.2) million is included in research and development expenses on the condensed consolidated statements of loss.

    (13) $1.4 million is included in selling, general and administrative expenses and $0.1 million is included in research and development expenses on the condensed consolidated statements of loss. Includes fees relating to the expansion of internal controls at Adtran Networks and the implementation of the DPLTA. Additionally, includes expenses related to the Company's one-time integration bonus program in connection with synergy targets as a result of the business combination with Adtran Networks of which $0.5 million is stock compensation expense for the program.

    (14) Includes intangible amortization of developed technology, customer relationships, and trade names acquired in connection with business combinations, of which $15.8 million is included in selling, general and administrative expenses and $1.4 million is included in research and development expenses on the condensed consolidated statements of loss.

    (15) $7.1 million is included in selling, general and administrative expenses and $2.8 million is included in research and development expenses on the condensed consolidated statements of loss.

    (16) $8.0 million is included in selling, general and administrative expenses and $18.6 million is included in research and development expenses on the condensed consolidated statements of loss. Includes expenses of $16.5 million of wage related and other charges due to the Greifswald facility closure of which $3.2 million is included in selling, general and administrative and $13.3 million is included in research and development expenses on the condensed consolidated statements of loss.

    (17) $1.3 million is included in selling, general and administrative expenses on the condensed consolidated statements of loss. Includes fees relating to the expansion of internal controls at Adtran Networks and the implementation of the DPLTA. Additionally, includes expenses related to the Company's one-time integration bonus program in connection with synergy targets as a result of the business combination with Adtran Networks of which $0.7 million is stock compensation expense for the program.

    (18) Non-cash impairment of goodwill in our Network Solutions reporting unit, necessitated by factors such as a decrease in the Company's market capitalization, cautious service provider spending due to economic uncertainty and continued elevated customer inventory adjustments.

    (19) Includes intangible amortization of developed technology, customer relationships, and trade names acquired in connection with business combinations, of which $12.0 million is included in selling, general and administrative expenses and $1.5 million is included in research and development expenses on the condensed consolidated statements of loss.

    (20) $7.6 million is included in selling, general and administrative expenses and $3.1 million is included in research and development expenses on the condensed consolidated statements of loss.

    (21) $7.0 million is included in selling, general and administrative expenses and $4.5 million is included in research and development expenses on the condensed consolidated statements of loss.

    (22) $2.8 million is included in selling, general and administrative expenses and $0.1 million is included in research and development expenses on the condensed consolidated statements of loss. Includes fees relating to the expansion of internal controls at Adtran Networks and the implementation of the DPLTA. Additionally, includes expenses related to the Company's one-time integration bonus program in connection with synergy targets as a result of the business combination with Adtran Networks of which $0.5 million is stock compensation expense for the program.

    Supplemental Information

    Reconciliation of Preliminary Operating Loss to Preliminary Non-GAAP Operating Income (Loss)

    (Unaudited)

    (In thousands)

     

     

     

    Three Months Ended

     

     

    Nine Months Ended

     

     

    September 30,

     

    June 30,

     

    September 30,

     

     

    September 30,

     

    September 30,

     

     

    2024

     

    2024

     

    2023

     

     

    2024

     

    2023

    Operating Loss

     

    $

    (23,984

    )

     

    $

    (38,306

    )

     

    $

    (89,296

    )

     

     

    $

    (401,969

    )

     

    $

    (183,656

    )

    Acquisition related expenses, amortizations and adjustments(1)

     

     

    15,330

     

     

     

    17,297

     

     

     

    18,070

     

     

     

     

    47,685

     

     

     

    93,069

     

    Stock-based compensation expense

     

     

    3,396

     

     

     

    3,601

     

     

     

    3,530

     

     

     

     

    10,719

     

     

     

    11,537

     

    Restructuring expenses(2)

     

     

    5,936

     

     

     

    17,530

     

     

     

    24,873

     

     

     

     

    40,576

     

     

     

    33,178

     

    Integration expenses(3)

     

     

    367

     

     

     

    566

     

     

     

    1,639

     

     

     

     

    1,447

     

     

     

    3,051

     

    Deferred compensation adjustments(4)

     

     

    1,471

     

     

     

    848

     

     

     

    (1,801

    )

     

     

     

    4,259

     

     

     

    (1,714

    )

    Goodwill impairment(5)

     

     

    —

     

     

     

    —

     

     

     

    37,874

     

     

     

     

    292,583

     

     

     

    37,874

     

    Non-GAAP Operating Income (Loss)

     

    $

    2,516

     

     

    $

    1,536

     

     

    $

    (5,111

    )

     

     

    $

    (4,700

    )

     

    $

    (6,661

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Includes intangible amortization of backlog, inventory fair value adjustments, developed technology, customer relationships, and trade names acquired in connection with business combinations.

    (2) Includes expenses for restructuring program designed to optimize the assets and business processes following the business combination with Adtran Networks. These expenses include inventory write down and other charges incurred as a result of a strategic shift in certain product lines in connection with the restructuring program. Additionally, includes expenses related to the closure of the Greifswald facility.

    (3) Includes expenses related to the Company's one-time integration bonus program in connection with synergy targets as a results of the business combination with Adtran Networks. Includes fees incurred for the expansion of internal controls at Adtran Networks and the implementation of the DPTLA.

    (4) Includes non-cash change in fair value of equity investments held in the ADTRAN Holdings, Inc. Deferred Compensation Program for Employees, all of which is included in selling, general and administrative expenses on the condensed consolidated statement of loss.

    (5) Non-cash impairment of goodwill in our Network Solutions reporting unit, necessitated by factors such as a decrease in the Company's market capitalization, cautious service provider spending due to economic uncertainty and continued customer inventory adjustments.

    Supplemental Information

    Reconciliation of Preliminary Other Expense to Preliminary Non-GAAP Other Expense

    (Unaudited)

    (In thousands)

     

     

     

    Three Months Ended

     

     

    Nine Months Ended

     

     

    September 30,

    2024

     

    June 30,

    2024

     

    September 30,

    2023

     

     

    September 30,

    2024

     

    September 30,

    2023

    Interest and dividend income

     

    $

    664

     

     

    $

    366

     

     

    $

    521

     

     

     

    $

    1,427

     

     

    $

    1,183

     

    Interest expense

     

     

    (5,679

    )

     

     

    (6,906

    )

     

     

    (4,507

    )

     

     

     

    (17,183

    )

     

     

    (11,858

    )

    Net investment gain (loss)

     

     

    1,382

     

     

     

    872

     

     

     

    (1,443

    )

     

     

     

    4,507

     

     

     

    1,071

     

    Other (expense) income, net

     

     

    (850

    )

     

     

    (901

    )

     

     

    2,523

     

     

     

     

    (441

    )

     

     

    4,714

     

    Total Other Expense

     

    $

    (4,483

    )

     

    $

    (6,569

    )

     

    $

    (2,906

    )

     

     

    $

    (11,690

    )

     

    $

    (4,890

    )

    Deferred compensation adjustments (1)

     

     

    (1,294

    )

     

     

    (896

    )

     

     

    1,117

     

     

     

     

    (4,629

    )

     

     

    (1,387

    )

    Pension expense (2)

     

     

    7

     

     

     

    7

     

     

     

    7

     

     

     

     

    21

     

     

     

    20

     

    Non-GAAP Other Expense

     

    $

    (5,770

    )

     

    $

    (7,458

    )

     

    $

    (1,782

    )

     

     

    $

    (16,298

    )

     

    $

    (6,257

    )

    (1) Includes non-cash change in fair value of equity investments held in the ADTRAN Holdings, Inc. Deferred Compensation Program for Employees.

    (2) Includes amortization of actuarial losses related to the Company's pension plan for employees in certain foreign countries.

    Supplemental Information

    Reconciliation of Preliminary Net Loss inclusive of Non-Controlling Interest to

    Preliminary Non-GAAP Net (Loss) Income inclusive of Non-Controlling Interest

    (Unaudited)

     

    and

     

    Reconciliation of Preliminary Net Income attributable to Non-Controlling Interest to

    Preliminary Non-GAAP Net Income attributable to Non-Controlling Interest

    (Unaudited)

     

    and

     

    Reconciliation of Preliminary Net Loss attributable to ADTRAN Holdings, Inc. and

    Preliminary Loss per Common Share attributable to ADTRAN Holdings, Inc. – Basic and Diluted to

    Preliminary Non-GAAP Net Loss attributable to ADTRAN Holdings, Inc. and

    Preliminary Non-GAAP Loss per Common Share attributable to ADTRAN Holdings, Inc. – Basic and Diluted

    (Unaudited)

    (In thousands, except per share amounts)

     

     

     

    Three Months Ended

     

     

    Nine Months Ended

     

     

    September 30,

    2024

     

    June 30,

    2024

     

    September 30,

    2023

     

     

    September 30,

    2024

     

    September 30,

    2023

    Net Loss attributable to ADTRAN Holdings, Inc.

     

     

    (31,239

    )

     

    $

    (49,515

    )

     

    $

    (78,210

    )

     

     

    $

    (404,955

    )

     

    $

    (156,697

    )

    Plus: Net (Loss) Income attributable to non-controlling interest (1)

     

     

    2,382

     

     

     

    2,504

     

     

     

    2,561

     

     

     

     

    7,417

     

     

     

    4,380

     

    Net Loss inclusive of non-controlling interest

     

    $

    (28,857

    )

     

    $

    (47,011

    )

     

    $

    (75,649

    )

     

     

    $

    (397,538

    )

     

    $

    (152,317

    )

    Acquisition related expenses, amortizations and adjustments

     

     

    15,330

     

     

     

    17,297

     

     

     

    18,070

     

     

     

     

    47,685

     

     

     

    93,069

     

    Stock-based compensation expense

     

     

    3,396

     

     

     

    3,601

     

     

     

    3,530

     

     

     

     

    10,719

     

     

     

    11,537

     

    Deferred compensation adjustments (2)

     

     

    177

     

     

     

    (48

    )

     

     

    (684

    )

     

     

     

    (370

    )

     

     

    (3,101

    )

    Pension adjustments (3)

     

     

    7

     

     

     

    7

     

     

     

    7

     

     

     

     

    21

     

     

     

    20

     

    Restructuring expenses

     

     

    5,936

     

     

     

    17,530

     

     

     

    24,873

     

     

     

     

    40,576

     

     

     

    33,178

     

    Integration expenses

     

     

    367

     

     

     

    566

     

     

     

    1,639

     

     

     

     

    1,447

     

     

     

    3,051

     

    Goodwill impairment

     

     

    —

     

     

     

    —

     

     

     

    37,874

     

     

     

     

    292,583

     

     

     

    37,874

     

    Tax effect of adjustments to net loss (4)

     

     

    (712

    )

     

     

    755

     

     

     

    (21,024

    )

     

     

     

    (19,022

    )

     

     

    (50,146

    )

    Non-GAAP Net Loss inclusive of non-controlling interest

     

    $

    (4,356

    )

     

    $

    (7,303

    )

     

    $

    (11,364

    )

     

     

    $

    (23,899

    )

     

    $

    (26,835

    )

    Less: Non-GAAP Net (Loss) Income attributable to non-controlling interest (1)

     

     

    2,382

     

     

     

    2,504

     

     

     

    2,561

     

     

     

     

    7,417

     

     

     

    5,909

     

    Non-GAAP Net Loss attributable to ADTRAN Holdings, Inc.

     

    $

    (6,738

    )

     

    $

    (9,807

    )

     

    $

    (13,925

    )

     

     

    $

    (31,316

    )

     

    $

    (32,744

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    GAAP Net Income attributable to non-controlling interest (1)

     

    $

    2,382

     

     

    $

    2,504

     

     

    $

    2,561

     

     

     

    $

    7,417

     

     

    $

    4,380

     

    Acquisition related expenses, amortizations and adjustments

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

     

    —

     

     

     

    1,457

     

    Restructuring expenses

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

     

    —

     

     

     

    29

     

    Integration expenses

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

     

    —

     

     

     

    6

     

    Stock-based compensation expense

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

     

    —

     

     

     

    37

     

    Non-GAAP Net Income attributable to non-controlling interest (1)

     

    $

    2,382

     

     

    $

    2,504

     

     

    $

    2,561

     

     

     

    $

    7,417

     

     

    $

    5,909

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted average shares outstanding – basic

     

     

    78,952

     

     

     

    78,852

     

     

     

    78,389

     

     

     

     

    78,873

     

     

     

    78,378

     

    Weighted average shares outstanding – diluted

     

     

    78,952

     

     

     

    78,852

     

     

     

    78,389

     

     

     

     

    78,873

     

     

     

    78,378

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Loss per common share attributable to ADTRAN Holdings, Inc. – basic

     

    $

    (0.36

    )

    (5)

    $

    (0.63

    )

     

    $

    (1.00

    )

     

     

    $

    (5.10

    )

    (5)

    $

    (2.00

    )

    Loss per common share attributable to ADTRAN Holdings, Inc. – diluted

     

    $

    (0.36

    )

    (5)

    $

    (0.63

    )

     

    $

    (1.00

    )

     

     

    $

    (5.10

    )

    (5)

    $

    (2.00

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Non-GAAP Loss per common share attributable to ADTRAN – basic

     

    $

    (0.05

    )

    (5)

    $

    (0.12

    )

     

    $

    (0.18

    )

     

     

    $

    (0.36

    )

    (5)

    $

    (0.42

    )

    Non-GAAP Loss per common share attributable to ADTRAN – diluted

     

    $

    (0.05

    )

    (5)

    $

    (0.12

    )

     

    $

    (0.18

    )

     

     

    $

    (0.36

    )

    (5)

    $

    (0.42

    )

    (1) Represents the non-controlling interest portion of the Company's ownership of Adtran Networks pre-DPLTA and the annual recurring compensation earned by redeemable non-controlling interests and accrued by the Company post-DPLTA.

    (2) Includes non-cash change in fair value of equity investments held in deferred compensation plans offered to certain employees.

    (3) Includes amortization of actuarial losses related to the Company's pension plan for employees in certain foreign countries.

    (4) Represents the tax effect of non-GAAP adjustments. Beginning in period ending September 30, 2024, the Company changed its method of calculating non-GAAP income taxes by applying blended statutory tax rates to non-GAAP losses before income taxes in order to include current and deferred income tax expenses that are commensurate with the non-GAAP measure of profitability. The blended statutory tax rate is calculated using 0%, resulting in no tax benefits net of impact of valuation allowance, for the loss jurisdiction's non-GAAP losses before income taxes and 30% for all remaining jurisdictions' non-GAAP income before income taxes. Prior periods have been adjusted to reflect the application of blended statutory tax rates, net of impact of valuation allowance, to non-GAAP losses before income taxes as opposed to the previous application of blended statutory and effective tax rates to separate non-GAAP adjustments. We previously reported the tax effect of the adjustment to non-GAAP net loss under the prior method of $7.9 million, $49.1 million and $21.0 million for the three and nine months ended September 30, 2023 and for the three months ended June 30, 2024, respectively.

    (5) Loss per common share attributable to ADTRAN Holdings, Inc. and Non-GAAP Loss per common share attributable to ADTRAN Holdings, Inc reflects $3.0 million of gain on redemption of redeemable non-controlling interest for the three and nine months ended September 30, 2024.

    Supplemental Information

    Reconciliation of Preliminary Net Cash Provided By (Used In) Operating Activities to Preliminary Free Cash Flow

    (Unaudited)

    (In thousands)

     

     

     

    Three Months Ended

     

     

    Nine Months Ended

     

     

    September 30,

     

    June 30,

     

    September 30,

     

     

    September 30,

     

    September 30,

     

     

    2024

     

    2024

     

    2023

     

     

    2024

     

    2023

    Net Cash provided by (used in) operating activities

     

    $

    42,030

     

     

    $

    19,898

     

     

    $

    6,846

     

     

     

    $

    98,526

     

     

    $

    (29,314

    )

    Purchases of property, plant and equipment(1)

     

     

    (18,814

    )

     

     

    (15,995

    )

     

     

    (13,556

    )

     

     

     

    (48,183

    )

     

     

    (33,674

    )

    Free cash flow

     

    $

    23,216

     

     

    $

    3,903

     

     

    $

    (6,710

    )

     

     

    $

    50,343

     

     

    $

    (62,988

    )

     

    (1) Purchases related to capital expenditures.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241106734785/en/

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